Maxim starts Cheche Technology at Buy on ‘higher margin’ growth drivers

As previously reported, Maxim initiated coverage of Cheche Technology with a Buy rating and $2.50 price target The company operates the largest independent auto insurance digital platform in China, and its growth drivers include a shift to digital, new partners, growth in electric vehicles, and non-auto insurance – all of which are higher margin, the analyst tells investors in a research note. The firm sees Cheche revenue increasing 3.9%, 2.7%, and 9.4% y/y from 2024-2026 respectively.